The company’s audited financial statements reveal a year of strategic growth, operational efficiency, and resilience despite volatile oil prices, foreign exchange pressures, and fierce industry competition.
Revenue Growth and Profitability Surge
Eterna’s revenue jumped from N183.2 billion in 2023 to N313.6 billion in 2024, driven by higher petroleum product prices, strategic partnerships, and improved market penetration. The company also recorded a 237% increase in gross profit, rising to N39.9 billion from N16.8 billion the previous year.
Operating profit followed suit, skyrocketing to N27.9 billion—a fourfold increase from N7.8 billion in 2023—underscoring the firm’s ability to optimize supply chains and control costs effectively.
Navigating Forex Challenges
Despite its strong performance, Eterna faced a N15.7 billion foreign exchange loss, stemming from the settlement of dollar-denominated obligations as part of efforts to strengthen its balance sheet. However, prudent financial management ensured the company still posted a profit before tax of N4.48 billion, a sharp reversal from the N11.97 billion loss in 2023.
Profit after tax also rebounded to **N1.34 billion**, compared to a N9.43 billion loss the previous year, signaling a robust recovery.
Leadership Optimism for Future Growth
Gabriel Ogbechie, Chairman of Eterna Plc, hailed the results as a turning point: “Our 2024 performance lays a solid foundation for sustained growth. We remain committed to innovation, market expansion, and delivering shareholder value in Nigeria’s evolving energy sector.”
Olumide Adeosun, Managing Director, echoed the sentiment: “This remarkable turnaround reflects our team’s resilience and strategic execution. Despite challenges, we seized opportunities and emerged stronger. Our focus remains on sustainable growth and stakeholder value.”
Outlook: Sustaining Momentum in a Tough Market
As Eterna moves forward, analysts will watch how the company maintains its momentum amid ongoing economic uncertainties. With improved margins, a stronger balance sheet, and a clear growth strategy, the firm appears well-positioned to capitalize on Nigeria’s energy demands.
For investors, Eterna’s 2024 performance serves as a compelling case of resilience—and a potential blueprint for success in a challenging industry.
Key Takeaways:
- Revenue up 71% to N313.6 billion
- Gross profit surges 237% to N39.9 billion
- Operating profit quadruples to N27.9 billion
- Returns to profitability after 2023 losses
- Leadership confident in long-term growth strategy
This strong financial rebound positions Eterna as a company to watch in Nigeria’s competitive energy landscape.